They call him “El Presidente.” But unlike many figures in the cryptocurrency space, Dave Portnoy draws a line at launching a memecoin. His primary concern: the potential financial loss for his fans and followers.
In a recent interview with CoinDesk, Portnoy reflected on his initial interest in memecoins, stating, “I got involved in memecoins because I wanted to launch a Barstool memecoin, but I didn’t want my fans and followers to lose money.” His assertion that memecoins are akin to “legalized Ponzi schemes” emphasizes his apprehension; he believes there is no intrinsic value in these tokens, leading to the necessity of quick buy-ins and sell-offs before inevitable value crashes.
Although Portnoy has not launched a Barstool-branded memecoin, he has ventured into the world of memecoins with his February launch of GREED, a token that initially reached a market cap of $41.5 million. Portnoy purchased 357.92 million GREED tokens, accounting for 35.79% of the total supply, and subsequently sold them all in a single transaction, prompting a significant price drop. Reports suggest he reaped approximately $258,000 from this swift transaction.
In the aftermath, Portnoy took to X to clarify his actions: “I warned people I could sell. I could have cashed out +1 million. I let it drop 75% before cashing out. Lots of people made money. I took profits + poured it into #jailstool which I can’t touch. I didn’t make a dime on it. Some people won. Some lost. Only the losers keep bitching.” His candid approach highlights a complex relationship with the cryptocurrency space, balancing entertainment and integrity.
Portnoy’s foray into trading stocks began during the COVID-19 pandemic, leading to the creation of his YouTube channel, Davey Day Trader, where fans could follow his investment strategies. Despite his entertaining methods—including choosing stocks by pulling letters from a Scrabble bag—Portnoy admits his approach lacked a consistent strategy, leading to mixed results. His introduction to bitcoin was a natural progression; he asserts, “I don’t think you can be involved in anything, stock market [or] finance without crypto being a major part of it.” However, his journey with bitcoin has been tumultuous, as he confesses to often being on the wrong side of price surges.
Despite his adventures in cryptocurrency, Portnoy candidly admits that he still grapples with understanding how to effectively integrate blockchain technology and cryptocurrencies into his business model. Barstool once accepted bitcoin for its Barstool Fund, which raised $50 million; however, he noted that only $30,000 came from bitcoin donations. Reflecting on this experience, he remarked, “They talked big, big talk, but it didn’t work out.” This sentiment underscores his skepticism towards the cryptocurrency community, which he feels is often rife with misguided advice and untrustworthy rhetoric.
Throughout his adventures, Portnoy has dabbled in various aspects of the cryptocurrency space, including launching an NFT linked to his popular One Bite Pizza Reviews channel, which sold for a staggering $138,000. His interactions with the crypto community have been a mixed bag, characterized by both conflict and admiration. He concludes, “As much as I have back and forth with the crypto community, I actually love them. I think they’re hilarious […] an interesting group, which I guess I’m a part of.”
Looking ahead, Dave Portnoy is set to share more insights about his cryptocurrency journey at Consensus 2025 in Toronto on May 15. Get your tickets here.
